Bitcoin Cash (BCH) took a dip and tested the $780 support territory again. The bulls formed a trendline that held support at $800 on the price charts. The Bitcoin Cash to USD trading pair will most likely be going on the uptrend and it may reach the $840 and even $850. The cryptocurrency is trading in a positive line above $780 and the further loses are prevented at this level. However, if Bitcoin Cash is going to gain more against the USD, it has to move above the $850 level.
Bitcoin Cash (BCH) Price Analysis For 29
The dip in price started after Bitcoin Cash traded as high as $850. The bears put pressure on the bulls pushing the price below $820 and even $800. The good thing is that the price dip was supported around $780. The 100 SMA on the 4-hour chart also served as support for the buyers around that same level and a strong base was formed around $770 and $780.
Bitcoin Cash (BCH) Price Today – BCH / USD
A significant bullish trendline that had support at $800 acted as support for the Bitcoin Cash to USD pair. The trading pair bounced back shortly after and went above the 50% Fibonacci retracement level of the last fall from $879 and $778. The price action is suggesting that more gains are on the way. Buyers will have to gather momentum to push the price above the 61.8% Fibonacci retracement level of the last fall from $879 to $778 which was at $840. If the price is able to move above this level, it will most likely swing as high as $885 and even $880.
The relative strength index is above 50 and the MACD of the 4 hour price chart is moving to the bullish zone slowly. The significant support level is $780 and the significant support level is $840. The next few days of trading will determine if the price will change or the not.